(Sharecast News) - Boohooo said it would create 5,000 jobs and invest more than £500m in the UK over the next half-decade to meet growing demand for its fast-fashion clothes.
Boohoo's website says it employs more than 5,000 people worldwide and that at the end of January it had 3,476 direct employees with 3,426 in the UK. It has recruited 1,259 people over the past year.
The company, founded in 2006, said it would take on extra warehouse space and invest in "smart" IT to become more efficient to meet demand with about half its sales coming from the US, Australia and other markets outside the UK.
The company revealed its plans in an "economic impact report" that assessed its contribution to the UK economy. In 2020-21 its operations contributed £559.4m in gross value added to the economy, it said. For every job it creates directly another 1.7 jobs are added in the wider economy, Boohoo said.
The company, which has bought brands such as Dorothy Perkins and Karen Millen, is in a push to clean up its image after a scandal over poor working conditions and illegal low wages at factories producing its clothes in Leicester.
Chief Executive John Lyttle said: "The growth this business has experienced over the last 15 years has been phenomenal. It has not been without its challenges, but it is right to celebrate the significant contributions the company makes to the towns and communities where we operate. The investments we have planned will help us to continue our growth, increasing our customer base both at home and abroad, adding even more value as we do so."
Boohoo shares rose 1.6% to 269.7p at 09:20 BST.
Boohoo (BOO)1 May 2024 13:49